Nike price target lowered to $85 from $90 at RBC Capital

RBC Capital analyst Piral Dadhania lowered the firm’s price target on Nike (NKE) to $85 from $90 and keeps an Outperform rating on the shares. The firm is updating its estimates following the company’s Q1 results, anticipating broadly stable revenues but lower gross margin and earnings, largely owing to higher than expected SG&A and incremental U.S. tariff impact guide for Q2 and FY26, the analyst tells investors in a research note. RBC adds it is encouraged by the contained progress being made and remains positive on the 2026 setup, but would also prefer to see more parts of the Nike product offer refreshed.